• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.5
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• pp.458-465
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• 2020

The purpose of this study is to analyze the effect of policy in Jeju, using a macro-economic forecasting model of Jeju. First, the model's reality explanatory power improved by updating its statistics to 2017 and expanding new policy variables and modules. Also, the industrial structure of the model was further subdivided and extended to be considered simultaneously in the demand side of Keynesian theory. Second, it was determined that the predictive power for the model of this study was better than that of the existing model. However, with some endogenous variables, it was possible to identify implications that should be developed and considered when the model is improved with additional data in the future. Third, when the second airport construction was considered, it was observed that its effect was an increase of 1.25 times for GRDP, 1.2 times for employment, 1.48 times for private consumption, and 2.06 times for investment. Also, the economic growth rate was estimated to be 1.6% point higher than when the second airport was not constructed. Finally, the results of this study are expected to be used for policy decision making of the Jeju Government.

• Environmental and Resource Economics Review
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• v.13 no.2
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• pp.219-243
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• 2004

Generally, electricity market has monopoly market structure because of need of enormous investment for infrastructure. However, the introduction of competition in network industry as electricity is a tendency of the world with decreasing the effects of economy of scale due to the advancement of technology. Now, electricity industry restructuring is in progress but the competition in electricity retail market is not in force yet in Korea. Whether a effective competition exist or not is very important to policy decision maker who drive restructuring, but there are small numbers of quantitative researches on that. In this study, we estimated the effectiveness of competition in the electricity retail market through switching costs. If switching costs are high, consumers actually can be locked in incumbent firm in spite of introduction of competition. Therefore switching is a critical factor to determine effectiveness of competition and to estimate the size of switching costs quantitatively can proffer the information about whether the competition in the electricity retail market is effective or not in the future. We estimated switching costs using consumer' stated-preference data by conjoint analysis. In according to estimation results, the cost of switching process is not so high, but the relative brand loyalty of an incumbent company is significantly high. And the price is considered as the most important factor choosing an electric service commodity. Based on the empirical results, it is possible to analyze the relationship between suppliers' competitiveness resulted from management efficiency and customers' switching possibilities. The paper therefore provides guidance for suppliers in deciding to enter into retail competition and for policy makers in introducing retail competition. And it has a significance of estimating the switching costs directly.

• Journal of Distribution Science
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• v.13 no.11
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• pp.123-130
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• 2015

Purpose - Due to highly elevated levels of competition, many companies today have to face the problem of decreasing profits even when their actual sales volume is increasing. This is a common phenomenon that is seen occurring among companies that focus heavily on quantitative growth rather than qualitative growth. These two aspects of growth should be well balanced for a company to create a sustainable business model. For supply chain management (SCM) planners, the optimized, quantified flow of resources used to be of major interest for decades. However, this trend is rapidly changing so that managers can put the appropriate balance between sales volume and sales quality, which can be evaluated from the profit margin. Profit optimization is a methodology for companies to use to achieve solutions focused more on profitability than sales volume. In this study, we attempt to provide executional insight for companies considering implementation of the profit optimization system to enhance their business profitability. Research design, data, and methodology - In this study, we present a comprehensive explanation of the subject of profit optimization, including the fundamental concepts, the most common profit optimization logic algorithm -linear programming -the business functional scope of the profit optimization system, major key success factors for implementing the profit optimization system at a business organization, and weekly level detailed business processes to actively manage effective system performance in achieving the goals of the system. Additionally, for the purpose of providing more realistic and practical information, we carefully investigate a profit optimization system implementation case study project fulfilled for company S. The project duration was about eight months, with four full-time system development consultants deployed for the period. To guarantee the project's success, the organization adopted a proven system implementation methodology, supply chain management (SCM) six-sigma. SCM six-sigma was originally developed by a group of talented consultants within Samsung SDS through focused efforts and investment in synthesizing SCM and six-sigma to improve and innovate their SCM operations across the entire Samsung Organization. Results - Profit optimization can enable a company to create sales and production plans focused on more profitable products and customers, resulting in sustainable growth. In this study, we explain the concept of profit optimization and prerequisites for successful implementation of the system. Furthermore, the efficient way of system security administration, one of the hottest topics today, is also addressed. Conclusion - This case study can benefit numerous companies that are eagerly searching for ways to break-through current profitability levels. We cannot guarantee that the decision to deploy the profit optimization system will bring success, but we can guarantee that with the help of our study, companies trying to implement profit optimization systems can minimize various possible risks across various system implementation phases. The actual system implementation case of the profit optimization project at company S introduced here can provide valuable lessons for both business organizations and research communities.

• Journal of Distribution Science
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• v.12 no.10
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

• The Journal of Industrial Distribution & Business
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• v.10 no.5
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• pp.77-86
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• 2019

Purpose - The present study examined the reliability of accounting information based on the pay slice (CPS) information of chief executive officers (CEOs) in the service industry. The difference in the size of CPS under the capitalist system can be used as an index to gauge the influence of top management. Research design, data, and methodology - In accordance with the amendment of the Financial Investment Services and Capital Market Act in 2013, the pay information of individual registered executives with annual salary of more than 500 million won has been disclosed. The sample of the current study is 232 companies listed on the Korea Exchange excluding financial services from 2013 to 2015, when the individual pay-slice information for registration officers was published in the business report in accordance with the revision of the Capital Market Act. The financial data required for this study were extracted from the FnGuide and the TS-2000. With the data, we tested the relationship between CPS and accounting information reliability through a linear regression analysis. Results - The first result showed that the relationship between the CPS and human resource in internal accounting control system in the service industry is significantly negative only with the accounting department personnel. This result implied that the CEO can negatively affect the retention of the accounting department in the firm. Second, both the CPS and quality of audit in the service industry are negatively related both to audit fees and to audit time. Nonetheless, the relationship between the number of the auditor and the CPS is insignificant. This result indicated that the CEO can negatively affect audit fees and audit time of external auditors. The results of the present study suggested that CPS information may have a negative impact on the reliability of accounting information. Conclusion - This study is the first study to examine the reliability of CPS and accounting information for the service industry in terms of human resources in internal accounting control system and audit quality. Therefore, the present study is expected to provide some useful information to economic decision-making of various external parties for service firms.

• Spatial Information Research
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• v.12 no.3
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• pp.285-298
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• 2004

Transportation digital map has built based on NGIS (national geography institute's 1 :5000 digital database) which derived from the aerial photo materials. Transportation digital map is a part of National Transportation Database Building Project carried out by the Korea Transport Institute and Ministry of Construction and Transportation. Transportation digital map for the purpose of transportation plan and investment has been updated and corrected the NGIS database especially for road network. Transportation digital map database is essential basic data fully applied for transportation policy and planning. The database must be reliable and objective to be applied for national transportation policy decision and transportation analysis. In addition, it needs accuracy and currentness to reflect the road network for the survey year. To satisfy the purpose of the database, following steps are necessary first, data Production and building has to be done by guideline of survey and database building. Secondly, geometric and logical errors which can occur during the survey and database building should be carefully detected. Thirdly, sectional guideline for database examination and procedure needs to be set up systematically and coherently This study is about examination guidelines for section and procedure on nodes and links which are essential object in transportation digital map database. According to the type of error, consistent and systematic error examination can lead to quality guarantee for objective and reliable database.

• Journal of the Korean Association of Geographic Information Studies
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• v.11 no.3
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• pp.80-91
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• 2008

The Purpose of this study is the applicaion of social network analysis for expanding the use of spatial data in local government. Spatial data generated from UIS projects play very important roles as a means of supporting decision making and solving complicated urban problems, but the utilization of the spatial data has not reach the expected level, considering to the huge amount of investment. Accordingly, there should be efforts in efficient management of spatial data, establishment of a sharing system, and expanded utilization of spatial data. Social network analysis applied to this research is a theory that explains the behaviors and patterns of units forming the system and measures distances between nodes, strength, etc. based on relations among nodes forming the network and the structural characteristics of the network. According to the results of surveying civil servants who were using spatial data on Busan Metropolitan City, obstacles to the sharing of spatial data were mostly non technical factors related to data users' attitude and their relations with circumstances. In order to expand the use of spatial data, this study performed social network analysis that applied the theory of planned behavior and examined the flow of spatial data, and by doing so, we analyzed related personnel's perception, identified obstacles to data sharing, and suggested a framework for promoting the expanded utilization of spatial data.

• Journal of Science and Technology Studies
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• v.15 no.1
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• pp.181-214
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• 2015

This study analyzed the characteristics of the politics of technoscience and governance in South Korea, taking advantage of the policy changes on the stem cell research after Hwang's affair. In spite of generally accepted conventional wisdom that stem cell research had been suffering 'crisis' after the Hwang's affair, South Korea succeeded in developing the first and the largest stem cell product in the world. However, considering the fact that the stem cell research capabilities and technological competitiveness of Korea have been assessed as relatively low compared to the development performance, there is a need to extrapolate how such result could be achieved. To answer these questions, we analyzed changes in the R&D expenditure before and after the scandal and verified the 'crisis of stem cell research' following the reduction of financial support from government. From the analysis of literature on the policy reports and news, we described the process of discourse changes in policy and analyzed the characteristics of the politics of technoscience and governance of stem cell research. This study emphasized that the government R&D and regulation policy play the key roles in the development of stem cell research rather than in the technological competitiveness in South Korea. Furthermore, this study argued that democratic governance still does not work under the policy conditions that technocratic decision-making of stem cell research fails to learn from the Hwang's affairs.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.4
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• pp.1-12
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• 2018

During few decades, Korean economy has been growing with heavy and manufacturing industries. However, the economy meets limitations of growth rate, and employment rate. The Korean government has been trying to overcome these limitations using development of venture businesses and re-organization of industrial ecosystem. These efforts make high survival rate of recent venture companies. There are previous researches about relation between characteristics of entrepreneur and managerial performance, there are several limitations. Firstly, most of papers were based on survey with specific region or industry. Secondly, related researches were carried out with unable to distinguish among firm's survival periods. This paper uses the '2017 Survey of Korea Venture Firms' data that is approved by the Korean government. This data includes whole industries and survival periods. The aim of this research is finding the effect of characteristics of entrepreneur on managerial performance of venture firms by different survival periods using data envelopment analysis (DEA). If entrepreneur has doctoral degree, the firm's managerial performance is lower than bachelor degree. In addition, over 10 years of working career, and joint-venture have positive effect on firm's performance. This paper can provide valuable information to venture related policy makers and investment decision makers.

• Journal of Wetlands Research
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• v.13 no.1
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• pp.139-148
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• 2011

Web structure of spiders is a foraging strategy as well as an investment to get prey. In order to make a good foraging decision spiders should change its foraging strategy in the basis of sensory information provided by potential prey species. We conducted experiments to demonstrate whether a wasp spider, Argiope bruennichi modifies its web-building behavior after experiencing sensory information emitted by a cricket species, Teleogryllus emma. To know how the web structures would be modified, we quantified web characteristics after providing sensory information of the cricket and compared to the control group. Web construction decreased in the course of the experiment in both, control group(without stimulus) and experimental group(with stimuli). The results did not show remarkable differences between two groups. However, on the first day after providing sensory information of the cricket, the web-building behavior of A. bruennichi decreased only in 3.7% of the experimental group individuals against 11.8% of the control group individuals. The number of the stabilimentum constructions decreased overall in both groups. On the first day the decreasing proportion was doubled in the control group(14.7%), comparing to the experimental group(7.4%). The individuals did not lower its web height and did not extend its web area according to sensory information of the prey.